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Published on 2/12/2016 in the Prospect News Bank Loan Daily, Prospect News Distressed Debt Daily, Prospect News High Yield Daily and Prospect News Preferred Stock Daily.

Moody’s adds /LD to Vanguard Natural PDR

Moody's Investors Service said it changed Vanguard Natural Resources, LLC's probability of default rating to B3-PD/LD from B3-PD.

The company's ratings remain on review for downgrade, including the B3 corporate family rating, B3-PD/LD probability of default rating and the Caa2 rating on its senior unsecured notes.

The speculative grade liquidity rating remains SGL-4.

"Vanguard's debt exchange reduced overall debt a modest 9% and extended the maturity, but the company remains highly levered," Moody's vice president, senior analyst James Wilkins said in a news release.


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